By: ICN Bureau
Last updated : November 05, 2022 8:29 am
The two companies aim to agree on a binding cooperation by mid-2023.
OMV, the international, integrated oil, gas and chemicals company headquartered in Vienna, and Wood, a global leader in consulting and engineering solutions in energy and materials markets, signed a Memorandum of Understanding (MoU) to enter into a mutually exclusive collaboration agreement for the commercial licensing of OMV’s proprietary ReOil technology. The two companies aim to agree on a binding cooperation by mid-2023.
OMV and Wood intend to bring the ReOil technology to the market together and explore the potential to integrate some of Wood’s other complementary technologies. The companies will do so by establishing a joint ‘technology and engineering delivery team.
Alfred Stern, OMV Chairman of the Executive Board and CEO: “We are delighted to enter into this collaboration with Wood and look forward to providing a licensing offer which will further enable global licensees to make use of future circular economy solutions. This is in line with OMV’s strategic vision to undergo a fundamental shift from a linear to a circular business approach.”
Ken Gilmartin, Chief Executive Officer at Wood, said: “Our collaboration with OMV is providing a solution that addresses a tangible need facing industrial sectors today. This technology allows end-of-life plastic waste to be re-used and is a great example of how circular economy principles can help to create value and deliver a more sustainable future. We are delighted to work with OMV in supporting the licencing of this technology.”
ReOil is a patented chemical recycling technology developed by OMV, which converts end-of-life plastic waste into pyrolysis oil, a valuable resource. The pyrolysis oil is then primarily used again to produce high-quality, sustainable plastics.
OMV was one of the first companies to develop a chemical recycling technology for used plastics more than a decade ago.
By the end of 2026, OMV plans to further scale-up ReOil into a fully industrial-scale chemical recycling plant with a processing capacity of 200,000 t/year at the Schwechat refinery.